U.S. budget deficit balloons to biggest gap in years

The U.S. government recorded a $76.9-billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years.

The Treasury Department reports that in the first 10 months of this budget year, the deficit totaled $684 billion, up 20.8%from the same period last year.

The department went on to say revenues are up only 1% this year with the increase held back by a big drop in corporate tax payments. Washington also points out that spending is up 4.4% , reflecting a big boost Congress approved earlier this year for domestic and military programs and rising costs to finance the debt.

The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year.